Form 1041 Basics :-

Learn the basic concepts related to filing the Form 1041 fiduciary income tax return for trusts and estates including identifying sources of income, eligible deductions, and passing income out to beneficiaries. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.

Topics Covered

• Choice of Filing Period
• Common Types of Income
• Unique Trust and Estate Deductions
• I.R.C. § 645 & 663(b) Elections
• I.R.C. § 1014 Basis Adjustment Reporting
• Allocation of Income Between Entity and Beneficiaries

Learning Objectives:

• Identify how to advise clients on the available options for filing Form 1041 for a trust or estate to achieve tax saving goals
• Recognize how to analyze income and deductions and allocate each to the appropriate taxpayer and tax period
• Evaluate the impact of making elections and explain the benefits of these elections
• Identify the importance of properly allocating income between the entity and the beneficiaries

Who Should Attend?

• CPA
  
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
  
• Financial planners

Credits and Other information:

• Recommended CPE credit – 2.0
  
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours
• Case Studies and Live Q&A session with speaker
  
• PowerPoint presentation for reference

Speaker Profile:

Eddie Price

Eddie is a Principal with KBKG and oversees the Southern region and its Texas-based operations. He is a Certified Cost Segregation Professional (CCSP) with the American Society of Cost Segregation Professionals (www.ASCSP.org). With over 35 years of cost segregation experience dating back to the Investment Tax Credit period, Eddie is one of the most experienced experts in the industry.

Eddie currently serves as Co-Chair of the Testing Committee of the ASCSP and is a former Chair of the Education Committee. In that position, he led the effort to develop educational courses and exam prep material that ASCSP members utilize before taking industry accreditation exams. He was also instrumental in getting ASCSP qualified by NASBA to provide Continuing Professional Education (CPE) to the CPA community.